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Wednesday, May 6, 2020

Elliott Wave Update ~ 6 May 2020

Primary count is that wave (2) has peaked and the market is working lower in the inital stages of Intermediate wave (3) down.

The goal of each subwave one is to advance prices (in this case lower) of the previous higher degree wave one. Minor 1 of (3) down should ideally end at a lower point than wave (1) down.

On the squiggle scale, wave (i) of [iii] down should advance prices lower than the higher degree [i].

The alternate count is hanging in there but will soon be eliminated if prices head too much lower. As stated yesterday, the market would have to rally hard almost immediately in wave (iii) of [c] of Z of (2) up for this count to be fulfilled.  It tried to open up big today but petered out fairly quickly.
Gold's count is hanging in there but my confidence in this chart is only because it would be fitting for Gold to spasm higher and create a public buzz in topping out. That and the trendline(s) is just too tempting. Maybe wishful thinking but the small triangle we got going is still valid.


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